AMD’s ‘good quarter’ should be ‘a relief,’ says Morgan Stanley

Morgan Stanley analyst Joseph Moore raised the firm’s price target on AMD to $178 from $176 and keeps an Equal Weight rating on the shares. Given the setup with compute strong, but embedded weaker, the firm didn’t expect an upward revision and calls the company’s better-than-expected Q3 guidance “a surprise.” The AI commentary was “quite optimistic” and 2024 target was revised up from $4B to $4.5B, noted the analyst. The “good quarter, particularly in the context of the sharp selloff, should be a relief,” the analyst added.